Checking accounts

Do you want to know what a checking account is? Responsable Economy provides an analysis of what a bank account is, its operation, and the requirements to open a new account. Welcome!

What is a check bank account

A checking account is a type of bank account that allows the account holder to deposit and withdraw money, write checks, and make electronic transactions. These accounts are commonly used for everyday expenses, such as paying bills and making purchases. While they typically offer fewer opportunities to earn interest compared to savings accounts, they provide more flexibility and easy access to funds.

Functions

Here is a list of up to 8 functions that checking accounts have:

1. Depositing money: You can deposit cash or checks into your checking account.
2. Withdrawing money: You can withdraw cash from your account using an ATM or by visiting a bank teller.
3. Writing checks: You can write checks against the funds in your account to pay bills or make purchases.
4. Electronic transactions: You can make electronic transactions such as online purchases or bill payments using your account’s routing and account numbers.
5. Direct deposit: You can set up direct deposit of your salary, social security, or any other income into your account.
6. Debit card: Most checking accounts come with a debit card that allows you to make purchases or withdraw cash from your account.
7. Online banking: You can access your account online, check your balance, view transactions, pay bills, transfer money, and more.
8. Overdraft protection: Some checking accounts offer overdraft protection, which can help prevent insufficient funds fees in case you accidentally spend more than the available balance in your account.

Requirements

Each bank has its own requirements, but here are the most common ones:

• Personal identification: This can include a government-issued ID such as a driver’s license, passport, or state ID.
• Proof of address: This can include a utility bill, lease agreement, or mail sent to your current address.
• Social Security number (SSN) or Individual Tax Identification Number (ITIN).
• Initial deposit: Most banks require a minimum deposit to open a checking account.
• Additional information: You may also need to provide your employer information or proof of income depending on the bank’s requirements.

Best banks to open a checking account in 2023

We have compiled a chart highlighting the best banks to open a checking account, along with the main features of each account.

Video with the best checking accounts in 2023

We have created a video showcasing the best checking accounts in the United States in 2023. You can watch it here:

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Updated the day 1 September, 2023 by Alfredo Barandiarán